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Financial Forensics · Quiz 1 · 16 Jul 2023 · May 2023 term

Question 25: | | Year 1 | Year 2 | Year 3 | |---|---|---|---| | Sales…

Question 25

+0.5 marksNumerical answer

Answer the given subquestions based on the information from the respective table.
The following table is the income statement of Zara Enterprises for three years. Each income statement is missing some numbers; you are required to determine these missing numbers.

Year 1Year 2Year 3
Sales₹ 2,250₹ 2,600₹ I
Cost of goods sold:
Beginning inventory₹ 300₹ 225₹ 400
Purchases₹ 975₹ E₹ 1,200
Ending inventory₹ A₹ F₹300
Cost of goods sold₹ B₹ 1,100₹ J
Gross margin₹ C₹ G₹ 700
Non-manufacturing expenses₹ 300₹ 400₹ 500
Net income (loss)₹ D₹ H₹ 200

Enter the correct answer for blank J (in ₹ )

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Correct answer: 1300

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Question 25 of 35 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 16 Jul 2023, in the May 2023 term (IIT M DEGREE AN2 EXAM QPE2 16 JULY 2023). It carries 0.5 marks.

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